Strategy Inc (MSTR)

Strategy Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	474.94	463.46	496.26	499.26	510.76	480.74
Revenue Growth (YoY)	1.65%	-6.61%	-0.60%	-2.25%	6.25%	-1.15%
Cost of Revenue	141.9	129.47	109.94	102.99	91.91	91.06
Gross Profit	333.04	333.99	386.32	396.28	418.85	389.68
Selling, General & Admin	277.55	278.62	264.98	258.3	255.64	229.05
Research & Development	96.79	118.49	120.53	127.43	117.12	103.56
Other Operating Expenses	-11,026	1,790	115.85	1,286	830.62	70.7
Operating Expenses	-10,652	2,187	501.36	1,672	1,203	403.31
Operating Income	10,985	-1,853	-115.05	-1,276	-784.53	-13.63
Interest Expense	-70.36	-61.94	-48.96	-53.14	-29.15	-
Interest & Investment Income	-	-	-	-	-	0.71
Currency Exchange Gain (Loss)	-7.38	2.9	-5.6	6.2	2.5	-7.6
Other Non Operating Income (Expenses)	0.61	0.61	0.4	0.21	-0.21	0.56
EBT Excluding Unusual Items	10,908	-1,911	-169.21	-1,322	-811.39	-19.95
Other Unusual Items	-	-22.93	44.69	-	-	-
Pretax Income	10,908	-1,934	-124.53	-1,322	-811.39	-19.95
Income Tax Expense	2,990	-767.69	-553.65	147.33	-275.91	-12.43
Net Income	7,918	-1,167	429.12	-1,470	-535.48	-7.52
Net Income to Common	7,720	-1,167	429.12	-1,470	-535.48	-7.52
Shares Outstanding (Basic)	260	193	137	113	100	97
Shares Outstanding (Diluted)	284	193	166	113	100	97
Shares Change (YoY)	52.23%	16.23%	46.33%	12.98%	3.47%	-6.24%
EPS (Basic)	29.73	-6.06	3.14	-12.98	-5.34	-0.08
EPS (Diluted)	27.34	-6.06	2.64	-12.98	-5.34	-0.08
Free Cash Flow	-108.35	-66.51	9.77	0.73	91.13	49.97
Free Cash Flow Per Share	-0.38	-0.34	0.06	0.01	0.91	0.52
Gross Margin	70.12%	72.06%	77.85%	79.37%	82.01%	81.06%
Operating Margin	2312.91%	-399.82%	-23.18%	-255.53%	-153.60%	-2.83%
Profit Margin	1625.39%	-251.73%	86.47%	-294.39%	-104.84%	-1.57%
Free Cash Flow Margin	-22.81%	-14.35%	1.97%	0.14%	17.84%	10.39%
EBITDA	10,998	-1,847	-108.62	-1,269	-775.87	-0.29
EBITDA Margin	2315.59%	-	-21.89%	-254.25%	-151.90%	-0.06%
D&A For EBITDA	12.72	5.51	6.43	6.37	8.66	13.33
EBIT	10,985	-1,853	-115.05	-1,276	-784.53	-13.63
EBIT Margin	2312.91%	-	-23.18%	-255.52%	-153.60%	-2.83%
Effective Tax Rate	27.41%	-	-	-	-	-
Revenue as Reported	474.94	463.46	496.26	499.26	510.76	480.74
Advertising Expenses	-	-	-	-	1.2	0.1

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q